Ninestar(002180) 东方证券·2024-07-14 04:02Investment Rating - The report maintains a Buy rating for the company with a target price of 38.16 RMB based on a 36x PE multiple for 2024 [2][7] Core Views - The company expects H1 2024 net profit attributable to shareholders to be 850-1050 million RMB, a year-on-year increase of 142%-199%, with non-GAAP net profit of 550-750 million RMB, up 31%-79% year-on-year [1] - Printer business profitability improved: - Pantum's H1 revenue is expected to decline by 4% to 2.1 billion RMB, but net profit increased by 40% to 400 million RMB [1] - Lexmark's revenue grew 5% to 1.08 billion USD, with printer shipments up 23% and EBITDA increasing 46% to 130 million USD [1] - IC business net profit surged: - Jihai Micro's H1 revenue declined 12% to 680 million RMB, but net profit more than doubled to 300 million RMB, with Q2 net profit up 560% sequentially [1] - General consumables business grew: - H1 total sales volume increased 20%, revenue grew 10% to 3.2 billion RMB, and net profit rose 10% to 90 million RMB, with Q2 sequential growth of 33% [1] Financial Forecasts - Revenue is expected to grow 16% in 2024 to 27.82 billion RMB, with further growth of 12% in both 2025 and 2026 [3] - Net profit attributable to shareholders is forecasted to be 1.50 billion RMB in 2024, 2.00 billion RMB in 2025, and 2.49 billion RMB in 2026 [3] - EPS is projected to be 1.06 RMB in 2024, 1.41 RMB in 2025, and 1.76 RMB in 2026 [3][7] - Gross margin is expected to improve from 31.7% in 2023 to 35.2% by 2026 [3] Business Highlights - Pantum's overseas sales grew 50% sequentially in Q2, with Xinchuang shipments up 30% year-on-year [1] - Jihai Micro's G32A1445 automotive MCU passed TÜV Rheinland ISO 26262 ASIL-B certification and showcased new automotive lighting solutions at the Munich Shanghai Electronics Show [1] - The company has increased investments in R&D, brand promotion, and A3 copier channel construction for Pantum [1]